NEW YORK (AP) — Shares of Ibotta, a Walmart-backed digital company that offers customers cash-back rewards and rebates on grocery brands ranging from Nestle to Coca-Cola, rose 17% in their Wall Street debut.
The stock, which trades under the ticker “IBTA” on the New York Stock Exchange, opened Thursday at $117, well above the $88 offering price. By mid-afternoon trading, it had lost some momentum and closed at $103.25, giving it a market value of more than $3 billion.
Ibotta joins a handful of tech companies like Instacart and Reddit that enjoyed a solid debut in the public markets. Last September, grocery delivery Instacart’s shares finished the day up 12.3% on Nasdaq, giving the company a market value of more than $11 billion. Reddit’s stock soared in its Wall Street debut in March of this year as investors pushed the value of the company close to $9 billion seconds after it began trading on the New York Stock Exchange.
Former Wisconsin Democratic Rep. Peter Barca announces new bid for Congress
World's largest span arch bridge opens to traffic
Exhibiting a timeless elegance
Special performance for artists with Plum Performance Award and Peony Award was held
Wesley Bryan would rather be at Hilton Head. He's leading in the Dominican Republic
Xi to Attend BRICS Extraordinary Virtual Summit on Palestinian
Asia's manufacturing PMI rebounds to 50.4
Orchestra celebrates the nation's musical youth
Arkansas Supreme Court says new DNA testing can be sought in 'West Memphis 3' case
Living in a world of love like never before
Kourtney Kardashian is 45! The reality TV star and wife of Travis Barker gets heart
Living in a world of love like never before